Banks saw an increase in blockchain budgets during 2017

A recent survey has shown that the global financial services industry spent an impressive $1.7billion on blockchain development in 2017. An increase of 67% for individual blockchain budgets was registered as well during the same time frame.

This research was published by the US-based market intelligence firm Greenwich Associates and as well as the general increase, they noted an average spend of $10 million or more during 2017. The report also stated that 14% claimed to have already integrated and deployed a blockchain solution with 75% expected to move from proof-of-concept to live production over the next two years.

Richard Johnson, the author of the report and the VP of the firm’s market structure department stated that over 50% of the execs that were interviewed said that implementing the new technology was much harder than they expected. Over 200 institutions were interviewed, all of which said that the number of staff dedicated to blockchain within their institutions had doubled over the same time frame. This led to Greenwich Associated declaring that on average, a top-tier bank now has around 18 full-time blockchain focussed employees.

This report is indicative of the growth of investors that are being made by various financial institutions in terms of blockchain technology. A similar survey that was published in 2016 estimated that the total spending on such projects could reach over $1 billion in the near future.